Probiotics Market Is Estimated to Reach $61.5 Billion by 2023

According to the report published by IndustryARC titled “ Probiotics Market: by Ingredient (Lactobacillus, Bifidobacteria Streptococcus, Saccharomyces Boulardii); by Application (Dietary Supplements, Functional Food & Beverages, Animal Feed ,Pharmaceuticals, Infant Formula, Bakery, Confectionery) ;  – Forecast (2018 – 2023),” the market is estimated to reach $61.5 billion by 2023.

Browse 49 Market Tables, and 176 Figures spread through 188 Pages and go through an in-depth TOC on “Probiotics Market.”

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According to a recent study from IndustryARC, the Probiotics market is forecast to reach $61.5 billion by 2023 and is estimated to grow at a CAGR of 7.5%. The growth in the Probiotics market can be attributed to the growing consumer awareness and the willingness to purchase premium products incorporated with probiotics.

The market for Probiotics is all set to exhibit robust development with a broad range of applications in dietary supplements, functional food and beverages, animal feed, Pharmaceuticals, Infant formula, and others. With the advancements in biotechnology, the probiotic strains are cultured in isolation and introduced in dietary supplements and functional foods and beverages. Probiotics Market by Dietary supplements application was valued at $3.76 million in 2017 and is projected to reach $xx million by 2023 with a CAGR of 9% during the forecast period. Probiotics are emerging as major functional food ingredients owing to the benefits such as weight management, cardiovascular health, energy, digestive health, and immune function. Probiotics in animal feed play a major role in enhancing the growth of non-pathogenic bacteria, in formation of lactic acid and hydrogen peroxide, in the suppression of growth of intestinal pathogens, and also to improve the digestion and utilization of nutrients in animals. Awareness and safety are some of the factors driving the market of probiotics. Consumers are now taking a proactive approach towards preventing chronic conditions such as cancer, respiratory infections, and metabolic syndrome, by the use of probiotics. Apart from this, factors such as a ban on the usage of antibiotics in animal feed in several European and North American countries is also helping in the growth of the market.

Asia-Pacific is the largest market for probiotics globally with a revenue of $xx million in 2016. In Japan, the demand for probiotics has grown tremendously because the consumption of yogurt being widespread in the country. The rapid growth in the expansion of supermarkets and hypermarkets is an important factor that is driving the demand for probiotics in this region. The inclusion of probiotics in the infant formula segment has been experiencing huge demand in China.  A high interest of middle-aged adults in maintaining their digestive health is one of the major driver that is enhancing the growth of probiotics market in the United States, which is the largest market in North America. In Europe, the probiotics market is experiencing a slow growth because EU has banned the “Probiotic” health claim for products that cannot show significant health evidence.

Probiotics manufacturers have utilized product launches as well as collaboration and acquisitions as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets.

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  The competitive landscape for each of the product types is highlighted and market players are profiled.

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